The price of SingularityNE (AGIX) has broken down below a significant horizontal support level and confirmed it as resistance. It may continue to decline in the near future.
Key support level
The price of SingularityNE (AGIX) has been declining since reaching its all-time high at $0.666 on February 8. During this process, it has bounced off the $0.320 support level twice (green arrows) but failed to create higher highs. This is a sign of weakness, indicating a lack of buying pressure at higher levels.
Indeed, the price has broken down below the $0.320 support level and confirmed it as resistance twice (red arrows), marking the continuation of the downtrend.
Therefore, the AGIX price is likely to continue its decline towards the next significant support level at $0.170, marking a decrease of over 33% from the current level.
The daily RSI indicator supports the possibility of further decline as it moves back below the 50 level and slopes downward.
Short-term outlook
The 4-hour chart shows that the AGIX price has broken down below a short-term ascending support line and confirmed it as resistance on June 7 (red arrow). This indicates the end of the short-term recovery phase.
Therefore, the AGIX price is likely to decline towards the next support level at $0.225, marking a 100% retracement.
Conclusion
The most likely outlook suggests that the AGIX price will continue to decline in the near future. The nearest target is $0.225, with further downside potential to $0.170.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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